Bankers to beef up their net security

The Australian Bankers' Association will establish a taskforce to develop standards for the authentication of online transactions. ABA CEO David Bell said online banking systems are secure but a very real threat is posed by identity thieves stealing bank customers' log-ons and passwords to carry out fraudulent money transfers. Australians have almost 8 million Internet banking accounts and record approx $4.6 million in transactions each day.

Advertisement